Banks risk losing customers and revenue to
rivals without upgrading the digital services they provide to the
next-generation of digital savvy clients, according to new
research.
Technology consultancy Capco described the
wave of intergenerational wealth transfer between wealthy baby
boomers and their children as a ‘time bomb’ in a new whitepaper,
Digital Services in Wealth Management.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Peter Lewis, a partner at Capco, said: “The
wealth transfer time bomb is a widely predicted wave of client
activity.
“Digitally savvy recipients of inherited
wealth will bring a new level of consumer demand for
around-the-clock, real-time mobile, tablet and online banking
services.”
He added: “Delivering effective and attractive
digital solutions to this new demographic of customer will be
essential for financial institutions.
“Without a comprehensive digital offering,
they risk losing customers and significant revenue to
competitors.”
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
